Equity Strategy: The Theme-ometer: The Comeback of AI and EU

研报英文原文证据摘录

Equity Strategy: The Theme-ometer: The Comeback of AI and EU

Global Research

15 July 2026ab

Equity Strategy Equity Strategy

AmericasThe Theme-ometer: The Comeback of AI and EU

Gerry Fowler

Strategist

A market of themes gerry.fowler@ubs.com

+44-20-7567 5490

REVS is our quantamental stock selection framework. Our philosophy is that stock prices

are impacted by the macroeconomic regime (R), earnings (E), valuations (V), and Sean Simonds

Strategistsentiment (S). Across 11 models, we have a comprehensive tactical framework (2-6

sean.simonds@ubs.com

months). Each model backtests well and they work well together. We aggregate stock +1-212-713 2851

scores to assess equity themes as well as indices, sectors and industry groups globally.

Maxwell Grinacoff, CFA

Most Preferred Themes

maxwell.grinacoff@ubs.com

AI leadership to return: AI themes have moved back to the top of the rankings, +1-212-713 3892

supported by strong earnings revisions and favourable macro regime signals. We

Nicolas Le Roux

expect earnings season to reinforce the upgrades driving outperformance. Strategist

Europe's industrial champions continue to improve: European AI Winners, nicolas.le-roux@ubs.com

+33-14-953 2118

Electrification and other capital-goods exposed themes have moved higher in the

rankings. Improving earnings revisions and supportive sentiment are helping offset Bhanu Baweja

valuation concerns, suggesting Europe's participation in the AI investment cycle is Strategist

ongoing and appealing. bhanu.baweja@ubs.com

+44-20-7568 6833

Healthcare remains an attractive complement to AI: While no longer the outright

top-ranked theme, healthcare continues to screen well globally. GLP-1 Winners

remain among the strongest themes as earnings expectations stabilise and